Shurooq and Economic Development Department Team Up to Promote Investment Licenses Through ‘Invest in Sharjah’
Strategic alliance adds new dimension to raising investment awareness The Sharjah FDI Office (Invest in Sharjah), the promotional arm of the Sharjah Investment and Development Authority (Shurooq) has joined forces with Sharjah Economic Development Department (SEDD), to promote Sharjah as an unmatched investment-friendly destination locally and internationally. The move emphasises the ongoing efforts by Invest in Sharjah to strengthen integration and collaboration with local government bodies in the emirate. The two entities will work together to promote the new Invest in Sharjah brand, which was launched in September, through joint activities and diverse events, including the addition of a new logo on all future trade licenses issued by SEDD. This will raise awareness about the importance of the brand and the integrated support of its strategic government partners, particularly Shurooq and the Economic Development Department. HE Marwan bin Jassim Al Sarkal, CEO of Shurooq, said: "Sharjah is an excellent example of how goals can be achieved more effectively when government entities combine their efforts to support a cause as one unit. The result of structured integration is often far greater than the sum its parts and through the solid foundations laid by His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, we see this coming into effect more and more often. This alliance between Invest in Sharjah and the Sharjah Economic Development Department reinforces the principle of integration and management of government resources to ensure sustainable development for generations to come." He added: "For some years, Shurooq has worked alongside the Economic Development Department to promote Sharjah’s potential as a highly attractive destination for investors. This strategic partnership has strengthened over time, making SEDD a lynchpin in many economic activities and major conferences organised by Shurooq to attract new business. SEDD has worked tirelessly to refine its procedures, thus easing Shurooq's mission to promote Sharjah, which has become home to 55, 000 companies, thanks to the constructive cooperation between us." "Since we decided to launch Invest in Sharjah, SEDD has been the most fervent supporter of this unique initiative. Today's announcement of collaboration represents a considerable boost to our united efforts to promote the emirate on a wider scale," Al Sarkal said. He concluded by saying: "This new association also sends an important message to investors and entrepreneurs interested in setting up their business in Sharjah, that all government bodies work as one team to meet their requirements and ensure their convenience." Sultan Abdullah Bin Hadda Al Suwaidi, Chairman of SEDD, said: "Shurooq and SEDD have worked extremely closely together to attract investors. We have participated together in many national and international events, and have worked on developing legislation that increases confidence and positive sentiment in the emirate's investment climate. "The next step for Invest in Sharjah is to raise the profile of the emirate regionally and globally. Through this unique brand, we will strive as one government team to reaffirm that all investors are welcome in Sharjah, and we will work collaboratively to provide them with an unmatched experience in setting up business. SEDD is committed to providing the highest quality of services to investors from different nationalities, to ensure they feel comfortable, secure and wanted in the emirate." Juma Al Musharrakh, Director of Invest in Sharjah at Shurooq, said: "Our collaboration with SEDD marks a new chapter of success for the brand. The great momentum the brand received at its launch gives us full confidence that we will accomplish our goals of establishing Sharjah's position as a global investment attraction." He added: "We will work with SEDD to promote investment opportunities in all sectors, especially tourism and leisure, healthcare, ecological development, transport and logistic services, education, real estate, and industry among others, through joint activities and events, to show investors that starting a business in Sharjah is an easy process and that we can help them to begin as early as possible. "The emirate enjoys unique investment assets and offerings that ensure real growth opportunities in all domains. This is supported by its promising financial results; figures show that Sharjah's GDP is $35 billion (AED128.5 billion), constituting 19% of the UAE's GDP, while various sectors enjoy remarkable growth rates that encourage for investment. For example, five-star hotels achieved 70% of the total hotel revenues in the emirate last year. Hotel revenues are expected to achieve regular annual increases, from $154 million (AED 566.5 million) last year, up to $226 billion (AED830 million) in 2019, yet another evidence of the attractiveness of investment in the hotel sector." Fahd Al Khumairi, Director of Registration and Licensing at SEDD, said: "We have started printing the logo of Invest in Sharjah on trade licenses and have received positive feedback from investors who have acknowledged the ongoing efforts by SEDD and various government departments in the emirate to ease the process of setting up business. They have also commented on the high-quality services provided by SEDD through various channels, especially smart phone applications, electronic platforms and SEDD's official website, in addition to the personal service offered by costumer service centres across the emirate." Shurooq launched Invest in Sharjah during the opening of the second edition of the Sharjah FDI Forum 2016, to highlight the rich investment opportunities to businesspeople and investors across all sectors. The brand is also in-line with Shurooq’s strategy to position Sharjah as a strategic investment destination, where it integrates innovation and dedication to underline the emirate’s advantages and facilities. Invest in Sharjah encompasses the general strategy of the emirate’s investment approach to reach out to local, regional and global investors and help them explore investment opportunities in the emirate, acting as a strategic guide that will drive growth for their businesses. It also plays a key role in establishing long-term partnerships, sharing and exchanging top-tier studies and business practices to develop Sharjah’s economic environment.